Manager of Norway’s $2tn oil fund proposes slashing US Treasury holdings
Overhaul of bond positions suggested to Ministry of Finance aims to boost returns
Source: Financial Times
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DW NOTE
Norway's sovereign wealth fund—built entirely on oil revenue—wants out of US Treasuries while the Strait of Hormuz remains blocked for the 188th day and crude sits 19% below its one-year high. The timing is exquisite: propose ditching dollar bonds when the primary asset funding your existence is stranded in the Gulf and the Fed hasn't moved rates since July. This isn't portfolio optimisation, it's a sovereign betting it can ride out American fiscal dysfunction better than American energy disruption.